Kuwait City, Kuwait – 21 April 2011 ALAFCO Aviation Lease and Finance Company released its financial results for the first half of the current fiscal year ended 31 March 2011.
Kuwait City, Kuwait – 21 April 2011 ALAFCO Aviation Lease and Finance Company released its financial results for the first half of the current fiscal year ended 31 March 2011. Net profits rose five times to KD 25.4 million versus KD 5 million in the previous year. Earnings per share increased five fold to 32.63 fils as compared to 6.23 fils in the previous year. Total revenue during the first half jumped 39% to KD 25.9 million against KD 18.6 million earned during the same period last year. The company’s total assets increased by 25% to KD 574.3 million and shareholders’ equity increased by 22% to KD 121.7 million during the period.
Chairman and CEO, Ahmad A. Alzabin, said in a statement released to the press after a meeting of the Board of Directors that the results were in line with projections. The marked increase in profit in the first half as compared to last year is attributed to amendments to some contracts that contributed additional one-time revenue of around KD 20 million.
Alzabin said the company met its aircraft delivery obligations to airline customers during the first half by delivering on schedule two Airbus A320-200 aircraft to Saudi Arabian Airlines, three new Boeing B737-800 aircraft to Ethiopian Airlines and two new Boeing B737-800 aircraft to Okay Airways in China. The aircraft were acquired with financing from local and international banks in the amount of US $266 million. He also said the company plans to increase the size of its leased aircraft portfolio to 100 by 2015 and continue its expansion regionally and globally. Alzabin said he has confidence in the company's ability to achieve its goals and deliver high returns to the shareholders.
ALAFCO is a Kuwait-based aircraft leasing company and has been listed on the Kuwait Stock Exchange since October 2006. The company leases Airbus and Boeing aircraft to various airlines in Europe, Asia, Africa and the Middle East.